In a world of rapid and unpredictable change, business readiness and agility to change with the market is critical to ensure long-term survival
Change can be a driver of opportunity, but also a potentially fatal threat to multinational corporations (MNCs). For a company to be ready for the changing market of the future, it must develop the ability to respond rapidly and flexibly to uncertainties such as natural disasters, political unrest and economic crises, and social, technological and political change.
How ready a business is for the future can be determined by its capability to identify, learn from and adapt to changing market conditions. MNCs, in particular, will be impacted by powerful business trends changing the market landscape: The Changing Customer Relationship, The Borderless Enterprise, The Connected Revolution, The Mobile Imperative and The Changing Role of IT.
The speed at which an organisation can adapt to change and transform determines the winners and losers more than ever before in today’s ultra-competitive business environment. Agile and Ready Businesses identify changes in the market, learn from those changes, and adapt to changing market conditions.
There are four key habits we can all learn from the businesses best at ‘identifying, learning and adapting’ to survive:
1) Listen to customers – this will drive better customer relationships and outcomes. Nimble businesses are twice as likely to believe that it is critical to deal with customers on a more individual and interactive basis.
2) Put people first – recognise the value of employees and partners in driving business agility. Successful businesses make a habit of placing greater value on their people and partners and are three times more likely to believe their supply chain partners are very important to their operation.
3) Exploit connectivity – be aware of, and responsive to, the potential of IT and communications to increase business agility. Effective businesses are twice as likely to believe that it is critical to exploit mobile technology in order to optimise the way employees work.
4) Be open-minded – Ready Businesses are more open-minded about meeting their technology needs and have a habit of embracing more ways of thinking about IT. Nearly two thirds of successful businesses believe that advice from specialist communications providers is important for their business.